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Utility Cable shares suspended

Utility Cable shares suspended

SHARES IN Utility Cable, the troubled group which digs up roads to install TV cables, were suspended yesterday at the company's request. In a statement, Utility Cable said it had asked the Stock Exchange to suspend trading "pending clarification of its financial position". The company declined to comment further.

The shares have slumped from a high of 37p five years ago to 2.25p yesterday as Utility Cable was hit by sharp reductions in installation expenditure by cable TV operators. In January the company announced a boardroom shake- up which saw the departures of the chief operating officer, Alan Baskeyfield, and the commercial director, Sean Maguire.